
IBOR Transition
LIBOR is an interest rate benchmark which has been phased out. No new loan facilities are able to use LIBOR. As of 1 October 2024, there are no remaining LIBOR settings being published. There is still some ongoing work on the transition of legacy LIBOR facilities and there is work to do in transitioning IBORs in a number of currencies and strengthening fallbacks to remaining IBORs (namely EURIBOR). The LMA continues to work with the market, other trade associations and the regulators on RFR transition and will continue to keep the market updated through this microsite as well as regular blogs.
Latest News
EURIBOR fallbacks: Where are we now?
On 16 September 2025, the LMA will host a live webinar (with Q&A) on EURIBOR fallbacks.
Join Keith Taylor and Kam Hessling, Managing Directors at the LMA and Toby Mann, Knowledge Director at Clifford Chance for this webinar which will cover:
- An update on LMA work on EURIBOR fallbacks and key messages: Where we are now, why has the LMA focused on EURIBOR fallbacks, developments in the market and LMA documentation, and action points for loan market participants.
- An overview of the LMA recommended forms of single currency euro documentation: including how they deal with the Euro RFR Working Group’s recommendations on EURIBOR fallbacks and feedback from the LMA’s RFR Documentation Survey 2024.
LMA strengthens EURIBOR fallbacks – the single currency euro exposure drafts are now recommended forms
We are pleased to have published recommended form versions of our single currency euro exposure drafts with €STR-based fallbacks. The recommended forms have not substantively changed except for the incorporation of the drafting for the ISDA/Bloomberg EURIBOR-€STR Spread Adjustment. The Users Guide to the Interest Rate Provisions has been updated to include further clarificatory commentary. The publication marks a significant milestone in implementing robust EURIBOR fallbacks in LMA documentation and we will now begin the process of updating the euro-referencing suite.
The updated documents can be found on our Documentation Hub.
SA MPG publishes updated JIBAR transition plan
The MPG Transition Planning and Coordination Workstream has published updated JIBAR transition plan.
The update outlines key milestones for transition to ZARONIA, provides, and offers practical guidance to assist market participants in managing the transition effectively.
On 10th September 2025, the MPG legal workstream will be hosting a Legal Industry webinar on the transition, between 10am to 12 pm SA time. The LMA will be speaking on the industry associations panel alongside ISDA and ICMA . Register here.